MF Global, JPMorgan Strike Recovery Deal

Law360, New York (July 25, 2013, 7:41 PM EDT) -- MF Global Holdings Ltd. and JPMorgan Chase Bank NA asked a New York bankruptcy court Wednesday to approve a new settlement under which MF Global's estate will get a share of what the bank recovers from the collapsed brokerage's Chapter 11 trustee.

MF Global and JPMorgan told the court that the settlement will avoid the delay, expense and uncertainty of protracted litigation with JPMorgan, which was the agent on a $1.2 billion credit facility to the brokerage.